Single women face a unique challenge when planning for retirement, since women live longer, earn less and may have moved in and out of the workforce more than men. Here are some retirement planning guidelines for single women:
Plan. The reasons stated above are why single women need to start retirement planning early and reevaluate their plans along the way. You will need to assess how long you will need to work, if you need to search out other sources of income, and how you may need to adjust your lifestyle to save more for retirement.
Delay Social Security. Most single women say that Social Security will be their primary source of retirement income. Therefore, you will need to get the most from it by delaying your benefits as long as you can, since your income will grow for every year you delay.
Use IRAs and 401(k)s to generate retirement income. There are a number of ways you can use your retirement accounts to generate lifetime income. Talk to a financial advisor about the methods that will work best for your individual needs.
Stay healthy. One of the major worries for single women in retirement is the cost of healthcare. By staying healthy, you reduce the chances of incurring significant healthcare expenses in retirement.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.